Construction Spending Falls 3.3%

Construction spending fell 3.3% in January, the Commerce Department said Monday.

The downturn followed a revised 2.4% drop in December, and was more than twice the 1.5% decline forecast by economists, Bloomberg reported.

Private residential construction fell 2.9%, while non-residential construction projects, including public spending, fell 3.5%.

Construction spending can boost demand for trucking services because spending increases the number of shipments of goods and building materials.